Good morning, and welcome to Newmark Group, Inc.'s 2026 Annual Stockholders Meeting. At this time, I'd like to turn the call over to Stephen Merkel, the company's chairman of the board. Please go ahead, Mr. Merkel. Thank you. Good morning and welcome everyone to Newmark's 2026 annual stockholders meeting. I'm Stephen Merkel, and as the company's chairman of the board, on behalf of our entire board, our officers, and employees, I would like to thank you for attending our annual meeting of stockholders today. I would now like to introduce our corporate secretary, Caroline Koster. Thank you, Mr. Merkel. At this time, I would like to announce that the polls are now open. Any stockholder who hasn't yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxies, voted via telephone or internet, and do not want to change their vote, do not need to take any further action. Our current Newmark directors are Kyle S. Lutnick, Stephen M. Merkel, Virginia S. Bauer, Kenneth A. McIntyre, and Jay Itzkowitz. Also with us are Barry Gosin, our Chief Executive Officer; Mike Rispoli, our chief financial officer; Lou Alvarado, our Chief Operating Officer; Josh Davis, our General Counsel; Jason McGruder, Head of Investor Relations; and Raffi Garnighan, Assistant General Counsel, Corporate and securities. Also on the call is Derek Dostal, who's with our outside counsel, Davis Polk & Wardwell. We also have present Jerry Gruebner, Megan Cunningham, and James Rhoten from Ernst & Young, our independent auditors. We'd like to open the meeting with official business. I will be serving as secretary of this meeting. After the formal meeting has been adjourned, we will provide time for general questions. Validated stockholders may ask questions in the question field on the web portal. Please make sure to type your name and, if applicable, your company name along with your question. We will attempt to answer as many questions as time allows, but only relevant questions will be addressed. Please note that while this meeting is being recorded by the company and an audio replay will be available on our investor relations website, no one attending via the webcast or telephone is permitted to use any audio recording device. Thanks, Caroline. I would like to again thank you all for joining us today and for your continued support of Newmark. I now call this virtual meeting to order. I have received the affidavit of Broadridge Financial Solutions, Inc., attesting to the mailing on August 7, 2026, of the notice of internet availability of proxy materials relating to this meeting to holders of record of the company's Class A and Class B common stock as of the close of business on July 20, 2026, the record date for this meeting. I have received from Equiniti Trust Company, the company's transfer agent, lists certifying the names, addresses, and stock ownership of the holders of record of the company's Class A and Class B common stock at the close of business on the record date. I also would like to introduce Mr. Peter Descovich, a corporate representative of Broadridge, who is qualified to serve as the inspector of elections and who has delivered the inspector's oath and the certificate of quorum. I direct that the affidavit, the oath and certificate of quorum, the notice, and the other documents to be filed with the minutes of the meeting, and that the list of stockholders be filed with the records of the company. I appoint Peter Descovich as the inspector of elections. The online polls are closed, and I will now report the preliminary results of the voting. First, we will determine whether a quorum is present. The inspector of elections has advised me that there are present, in person or represented by proxy, the holders of 124,823,741 shares of the Class A common stock out of a total of 159,766,662 outstanding A shares, each with one vote per share, and all of the 21,285,533 outstanding Class B shares, each with 10 votes per share. These shares represent adequate voting power, and a quorum is present for purposes of transacting business. Accordingly, I direct that the proxies and any substitution of proxies submitted via the virtual meeting portal be filed with the records of the company. The first order of business is the election of directors. The board has previously nominated Kyle Lutnick, Stephen Merkel, Virginia Bauer, Ken McIntyre, and Jay Itzkowitz as directors of the company, each for a term expiring at the 2027 annual meeting of stockholders. The board of directors of the company has recommended that stockholders vote in favor of the proposal to elect each of the nominees. I am pleased to report that I have been advised by the inspector of elections that the stockholders represented at the meeting have cast at least 256,393,630 votes for each of Ms. Bauer and Mrs. Lutnick, Merkel, McIntyre, and Itzkowitz for the election of each as a director of the company. This is at least a plurality of the voting power of all of the shares of common stock present in person or by proxy and entitled to vote. All nominees have been elected. Congratulations to each of you. The second order of business is the ratification of the appointment of Ernst & Young as our independent registered public accounting firm for the fiscal year ended December 31, 2026. The board of directors and audit committee of the company have recommended that the stockholders vote in favor of the ratification of Ernst & Young. I'm pleased to report that I've been advised by the inspector of elections that the stockholders represented at the meeting have cast at least 336,826,282 votes in favor of the ratification of the appointment of Ernst & Young as our independent registered public accounting firm, which is at least a majority of the total voting power of the shares of common stock voted by the stockholders. The vote on the ratification of our independent registered public accounting firm, Ernst & Young, is noted. The third order of business is the advisory vote by stockholders on executive compensation. The board of directors and compensation committee of the company have recommended that stockholders vote in favor of the compensation paid to the company's named executive officers. As disclosed in the company's proxy statement for the 2026 annual meeting of the stockholders, including the compensation discussion and analysis, compensation tables, and to the narratives. I'm pleased to report that I've been advised by the Inspector of Elections that the stockholders represented at the meeting have cast at least 267,393,063 votes in favor of the compensation to the named executive officers. This is at least a majority of the total voting power of the shares of common stock voted by stockholders entitled to vote. We note the results of the advisory vote on executive compensation. The fourth order of business is the advisory vote by stockholders on the frequency of future advisory votes on executive compensation. The board of directors and the compensation committee of the company have recommended that stockholders vote for every year or one year as the frequency with which stockholders are provided an advisory vote on executive compensation. I am pleased to report that I have been advised by the Inspector of Elections that the stockholders represented at the meeting have cast at least 308,408,305 votes in favor of every year as the frequency with which stockholders are provided with an advisory vote on executive comp. This is a majority of the total voting power of the outstanding shares of Class A and B common stock in person or by proxy, and entitled to vote. We note this advisory vote for every year as to the frequency for a stockholder advisory vote on executive compensation. The final tabulations of the votes on these matters will appear in Newmark's Form 8-K to be filed with the Securities and Exchange Commission. If there is no further business to come before the meeting, the meeting shall be adjourned. Thank you for your participation and your support of Newmark. Thank you, Stephen. We will now address stockholder questions relating to the meeting that are entered today on the web portal. Though we may not be able to answer every question, we will do our best to provide a response to as many as possible, and we may be able to post responses to some generally applicable questions later today in the investor relations portion of our website. Jason McGruder, Head of Investor Relations, are there any questions? Let's just give it 15 seconds. Okay. Refreshing.